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Incorrect CP14 Balance Due Notice From the IRS - What Went Wrong?

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First published at 18:29 UTC on August 4th, 2022.

#irs

Jason D. Knott

jasondknott

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The IRS recently released a news bulletin about incorrect CP14 balance due notices sent to married filing joint (NFJ) taxpayers. The notice is generated when married filing joint taxpayers made estimated payments that were NOT correctly applied to …

So why does this happen?

This issue has existed for years, so this is nothing new. Under some circumstances, if the "Spouse" on a Form 1040 makes an estimated payment using their name and SSN, the IRS will cash the check, but not apply the payments to their Joint account. Once the tax return is filed, the IRS issues a balance due notice (CP14) because of incorrectly claimed estimated payments.

If you received this notice and you know you made the payments, the IRS advises to not call or write in response to the letter. They assure taxpayers they will correct the problem....

Here is a link to the IRS news bulletin:
https://www.irs.gov/newsroom/irs-statement-on-balance-due-notices-cp-14

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DISCLAIMER: I am a licensed attorney and certified public accountant (CPA) in the State of Florida. I am not a financial advisor. The information provided in this video is for entertainment purposes only. No such communication is provided in the course of an attorney-client relationship, and no communication is intended to constitute legal advice. You should speak with your own tax and legal professionals to discuss your circumstances before performing any of the tax, legal or accounting strategies demonstrated in this video. This description includes links to affiliates. I may earn a commission or referral bonus if you use these links to purchase products or services from the providers. Thank you.

#CP14 #IRS #IRSnotices #taxes

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